BlackBerry

BlackBerry Reports Fourth Quarter Loss

BlackBerry’s fourth-quarter results include up to 29 February

BlackBerry reported Q4 2020 results today, reporting a fourth-quarter loss and quarterly sales below Wall Street expectations. The company reported adjusted earnings per share (EPS) of 9 cents, which is better than Wall Street’s estimate of 4 cents per share.

On a non-GAAP basis, BlackBerry reported fourth quarter earnings of 9 cents a share and 7 cents a share GAAP., GAAP revenue of $282 million, up 13% from a year ago. Non-GAAP fourth quarter revenue for BlackBerry was $287 million.

Wall Street was expecting BlackBerry to report fourth quarter non-GAAP earnings of 4 cents a share on revenue of $296.3 million.

BlackBerry’s fourth-quarter results include up to 29 February, which is just before Covid-19 triggered a sell-off of US stocks.

“In fiscal 2020, we delivered $1.1 billion in non-GAAP revenue and $0.13 of non-GAAP earnings per share, released over 30 new products and made strong progress on developing BlackBerry’s zero-trust architecture as part of the Spark platform.  This is essential for the secure IoT market,” said John Chen, Executive Chairman and CEO, BlackBerry. 

“We continue to have the right strategy and the right products to address the market’s expanding security needs.  Although we are going through unprecedented times, we are excited about our future opportunities for long-term growth.”

Adjusted per-share earnings are down 18.18% from 11 cents in the fiscal fourth quarter of 2019, while revenue for the quarter comes in 10.59% higher than the $255 million from the same time last year.

An operating loss of $41 million is a switch year-over-year from its operating income of $28 million. The BlackBerry earnings report also includes a net loss of $41 million, which is worse off than the company’s net income of $51 million from the same period of the year prior.

BlackBerry didn’t offer fiscal 2021 guidance due to the COVID-19 pandemic.

“Our revenue most likely will be negatively impacted by continuing headwinds to global auto production and sales. We anticipate continued delays in capital spending in the auto as well as the other industries,”

“At the same time, this negative impact would be partially offset because our product and services portfolio is well suited to help enterprise meet the challenges of business continuity, driven by the dramatic expansion of the more workers or the number of workers.”

BlackBerry Fourth Quarter Fiscal 2020 Results

Fiscal Year 2020

  • Total company non-GAAP revenue of $1,099 million, or 20% growth year-over-year; total company GAAP revenue of $1,040 million, or 15% growth year-over-year.
  • Total non-GAAP Software and Services revenue of $1,078 million, or 26% growth year-over-year; total GAAP Software and Service revenue of $1,019 million, or 21% growth year-over-year.
  • Fiscal year 2020 total Software and Services billings grew by a double-digit percentage year-over-year.
  • Fiscal year 2020 non-GAAP earnings per basic and diluted share of $0.13, above the $0.08 provided in the financial outlook for fiscal year 2020. Fiscal year 2020 GAAP loss per basic share of $0.27 and GAAP loss per diluted share of $0.32.
  • Net cash provided by operating activities of $26 million and capital expenditures of $12 million resulted in free cash flow generated of $14 mil

Fourth Quarter Fiscal 2020

  • Total company non-GAAP revenue of $291 million, or 13% growth year-over-year; total company GAAP revenue of $282 million, or 11% growth year-over-year.
  • Total non-GAAP Software and Services revenue of $287 million, or 16% growth year-over-year; total GAAP Software and Services revenue of $278 million, or 13% growth year-over-year; both are record quarterly highs.
  • Non-GAAP earnings per basic and diluted share of $0.09; GAAP loss per basic and diluted share of $0.07.
  • Net cash provided by operating activities of $35 million and capital expenditures of $3 million, resulted in free cash flow generated of $32 mil
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